The HSBC subsidiary, HSBC UK Bank, has agreed to purchase the U.K. subsidiary of Silicon Valley Bank for £1 ($1.21). The acquisition will protect the deposits of SVB U.K.'s clients, and the deal is facilitated by the Bank of England in consultation with the U.K. Treasury. British Finance Minister Jeremy Hunt stressed that the deal "ensures customer deposits are protected" and that "the U.K.'s tech sector is genuinely world-leading and of huge importance to the British economy."

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